An affiliate of Newport Beach-based Capital Pacific Holdings has purchased the two-building, 107,000-square-foot Bradley Plaza complex in Anaheim across from Edison International Field.
The buildings are 95% occupied by tenants such as Security Union Title, hospital billing company Canfield & Associates and Mannesman Dematic AG, a German provider of automated materials handling equipment, according to Grubb & Ellis.
Gregg Herbert and Jeff Hanson of the Newport Beach office of Grubb & Ellis represented both the CPH affiliate and the seller, GE Capital.
Hanson said CPH plans to “put some money into the project” for renovations and upgrades. CPH officials didn’t return calls for this story.
Bradley Plaza, built in 1982, has averaged 88% occupancy this year, and has average rents of $1.85 per square foot, slightly higher than the third-quarter per square foot average of $1.77 for the North County office market.
The complex’s location near Edison Field puts it in a busy real estate market near the Santa Ana (I-5), Orange (57) and Garden Grove (22) freeways.
At the Katella Avenue end of Edison field, the six-story, 260,000-square-foot Stadium Gateway office building by Summit Commercial/Highridge Partners and Mack-Cali Realty Corp. is under construction. That $40 million project is 30% pre-leased to New Horizons Worldwide Inc.
The long-delayed Gotcha Glacier sports facility,an anchor for Anaheim’s $142 million proposed Sportstown project,is slated for another parcel on what now is Edison Field’s parking lot.
Just a couple of blocks away, an $8.9 million, 140-room Country Inn & Suites is under construction across from Arrowhead Pond, while other office, retail and hospitality projects are on the drawing board for the area. n
